"Building a Cannabis Business: Persistence, Leadership, and the Rebrand"
Karson Humiston is live from MJBizCon in Las Vegas with and guest Nick Vita, co-founder and CEO of The Cannabist Company (formerly known as Columbia Care), to discuss the journey of building a successful cannabis business. They delve into topics such as the challenges faced in the industry, the importance of persistence and leadership, and the recent rebranding of the company.
The conversation begins with a reflection on the growth and changes in the cannabis industry over the past decade. Nick Vita highlights the momentum and increasing interest in the industry, despite previous regulatory setbacks. He emphasizes the need for persistence and the cyclical nature of the cannabis business.
The discussion then shifts to Nick Vita's background and career before entering the cannabis industry. He shares his experience in finance and how he convinced friends to invest in a cannabis idea that eventually led to the founding of The Cannabist. However, he also recounts the challenges faced when the person they thought would run the business turned out to be unethical.
The conversation touches on the importance of resilience and the rollercoaster nature of the cannabis industry. Nick Vita shares anecdotes of sleeping on couches, funding the business on a tight budget, and the challenges of navigating the complex regulatory landscape in different states.
The podcast then delves into the qualities Nick Vita looks for when hiring team members. He emphasizes the importance of tenacity, trustworthiness, and a willingness to go above and beyond. He also discusses the value of having a team that shares the same vision and is willing to work towards it.
The discussion concludes with a focus on the recent rebranding of the company from Columbia Care to The Cannabist. Nick Vita explains the rationale behind the rebrand, highlighting the resonance of the name with the community, employees, and cultural values of the company. He also discusses the importance of quality and the perception of cannabis as a medicine.
Looking towards the future, Nick Vita predicts significant developments in the cannabis industry. He anticipates the rescheduling of cannabis to Schedule III, the expansion of the industry in conservative states, and the normalization of capital markets. He also expresses optimism about the potential for job creation and the growth of the industry.
Overall, this podcast episode provides valuable insights into the challenges and rewards of building a cannabis business, emphasizing the importance of persistence, leadership, and a strong team.
https://www.cannabistcompany.com/
Timestamp Chapters:
00:00:17 - Introduction and Excitement for Live Podcasts
00:00:45 - Reflecting on the Evolution of the Cannabis Trade Show
00:01:04 - Disappointment and Progress in the Cannabis Industry
00:01:27 - Momentum and New Faces in the Cannabis Industry
00:01:48 - Optimism and Energy in the Cannabis Industry
00:01:59 - The Cyclical Nature of the Cannabis Industry
00:03:18 - Nick Vita's Background and Journey into the Cannabis Business
00:04:01 - The First Trauma in Starting a Cannabis Business
00:04:22 - Winning the Support of Ben and Jerry
00:05:39 - Launching in Different States and Following Regulatory Conversations
00:06:23 - Persistence and Sacrifices in Building a Cannabis Business
00:08:42 - The Moment Things Started to Click for the Business
00:10:13 - Winning the License in New York and the Journey Since
00:11:41 - The Challenges and Rewards of Being a Founder-Led Business
00:13:54 - The Importance of Being Present and Leading by Example
00:16:11 - Lessons Learned from Hiring Big Company People
00:18:00 - Qualities Looked for in Hiring Team Members
00:20:39 - The Importance of Open and Honest Conversations in Building a Business
00:23:42 - Motivating the Team in a Challenging Environment
00:29:04 - The Rebranding from Columbia Care to The Cannabist
00:31:54 - Predictions for the Cannabis Industry in 2024
00:34:01 - Hope for the Expansion and Normalization of the Cannabis Industry
"We're the only industry I know of where you have to be a farmer, you have to be a manufacturer, you have to be a retailer, and you have to have wholesale." - 00:02:36-00:02:47
"I think the cyclical nature of the industry makes the fun parts that much more fun." - 00:02:26-00:02:36
"I think a lot of people, in hindsight, it becomes addictive." - 00:07:38-00:07:48
"It's the best part and the worst part about being part of an organization." - 00:08:32-00:08:42
"I think by the time I no longer need to be here, it's because the business will have grown enough so that the institutional connective tissue that I bring to the conversation is no longer necessary." - 00:15:49-00:16:00
"I always say work harder than everybody else." - 00:28:48-00:28:59
"There is nothing worth building, there's nothing worth creating, if you're going to mail it in." - 00:22:40-00:22:50
"I think we have schedule three affirmed." - 00:32:15-00:32:26
"I think New York is an up and coming sort of attractive cannabis market for operators for the first time ever." - 00:32:26-00:32:36
"I think it's a seminal year. And I think it's more so than we've seen in the past five, six years." - 00:33:50-00:34:01
